There are options on loans that are available for less than 10% down. I will be happy to have you reach me, and we can talk about the value of your present home, and your needs. Mary L. Cooper Email me at: azrealty@comcast.net

Hi Sharon,
In order to get the most favorable loan terms available, you will probably need to put 10% down on your purchase. Since you have strong income and a good credit score, you should not have any trouble getting a very good rate as long as your income stream has been consistent or risen over the last 3 years. Lenders have gotten more cautious than I even realized. Granted, the confrming loan limits went up to $729,750, but financing options for more than a $417,000 loan still offer you jumbo-type rates unfortunately. Since I don't know what price range you are talking about, maybe this will or will not affect you. Have you been to Tuscon to look for houses? Maybe you could still get a really nice house for the same amount of money you will net in the Vail area as our market is just beginning to see the softening. One more very important thing to consider is that if you did get a loan with 0% down and the market continues to decline, you don't want to be upside down in your house (have no equity). Also, you can go to http://www.wikipedia.com and search for "conforming loan limits". Hope this helps!

You are probably going to have to have money down but as previously suggested 'maybe' and I hesitantly say 'maybe not'.

Do you all have VA eligibility? There are different federal loan programs, and most states,counties, and cities have loan programs to assist in regards to not having to make large down payments. Talking to a local professional would probably be best.

Does your bank have a mortgage division in AZ? If so see if they know. Just be careful blindly choosing someone. You don't want anyone promising you a pipe dream. You need facts. Many experienced agents and bankers know different loan programs. Just remember to stick with reputable!!!! You might contact the local housing authority in Tucson to see what they recommend in terms of loan programs available in their area.

Can't believe you are leaving the snow!!!

Best of luck,
Susan Walker

Not necessarily. There are companies still offering good mortgage products depending on where you want to move and the value of the property. I will be happy to discuss this with you by phone or email.